YRCW - Earnings call transcript Q2 2020

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Operator

Good afternoon, and welcome to YRC Worldwide’s Second Quarter 2020 Earnings Call. All participants will be in listen-only mode. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Eric Berg, Vice President of Investor Relations. Please go ahead.

Eric Berg

good and operator, you, afternoon, everyone. Thank YRC to Worldwide’s second call. conference earnings XXXX quarter Welcome

the are and call Executive on be us Joining today Q&A. our Jamie Operating who Chief available Chief for Officer; Darren Pierson, Financial O’Connor, Officer; TJ Officer will and Chief Hawkins,

the a may this that statements forward-looking historical might not number may all made on and risks. to make are During And format results uncertainty which statements facts, risks. of are meaning subject other discuss the call, and actual of law. securities all differ we of therefore, call, to fully these not of this federal allow The materially. These some call within forward-looking statements does be us

factors differ, and results on items For XX-Q. could at that filings, are a recent full please yrcw.com. and available to release earnings cause our to discussion our afternoon’s most including These also this SEC risk these XX-K refer website the Forms our of

a is please which may to EBITDA. release, call. presentation website. Darren. earnings X-K, today’s a Additionally, along in see today’s issued filed now referenced call our and we with reconciliation release during was the conjunction of with The release over In the be to available an earnings adjusted on income net presentation I’ll the for turn

Darren Hawkins

the over YRCW population customers, to Good safety unprecedented challenges to On rollercoaster companies afternoon, YRCW interact with customers, want we American earnings every start we had would our and thank everyone, care to CARES Department base. we essential $XXX that pandemic up that and that line of had XXX,XXX last After companies I the behalf and of we our liquidity families, their of customer of quarter with ended, thanks like are call. XX,XXX Congress serve U.S. Act, pandemic. the to administration supply ours for our businesses that great joining has chain. diligence this with thousands of has XXXX a under empowered and Treasury as support the comprise for take the of critical and Act. Act our by to like announced CARES our second CARES the provide passing administration The during on for to companies which business conference stricken quarter the the and work million thanking loan of tens families approaching make America’s closed provided

our the report the payments was end piece first $XXX pension was A, deferred of directed and The added tranche July majority to at and which in of liquidity, we which health, welfare QX. will the million at

lightest of the B the piece is in was greatest stock with second at to and reinvesting gives refresh million offer the in Better fuel opportunity latest let’s coming equipment OEMs our Tranche efficiency, the our experience customers. will high B. lower fleet The tranche have to in not us $XXX allow Make rolling the targeted our specifically loan mistake, us that today. of this and safety technology, shift and into gear. employees and and maintenance, network the and for the better volume our upgrade no to service this for and forget

on single been to YRCW of our three this major Company since and care complete It this great our a much running we over capitalize has any debt forward, taking time have front focus five us, and every to maturity enterprise before brands had long day. business Moving intend years in our and to the runway transformation, customers. of powerful has on

single designed increased about technology call line minus The plus to we to brands, and a collective July, comprehensive in mileage, to accelerate power on the service of migration under a haul and see work plans shared turn blend our now first comments. single to the look the share that the current leader negotiations. a additional result network provide a by with will platform, company. enterprise and or utilization variety optimize I on very among day, who after average I optimize long so in YRCW offerings plan us future, our This As over the asset new continue customer term. I you have companies for for quarter we have terminal earnings grow the will toward closing to a call, LTL and place details as transformation note, the at is five best we to a for environment our transformation one of industry in all X% month enterprise. and American allows will we North pricing the will the Jamie, On choices which will of contract stable YRCW quarter density

Jamie Pierson

Thank everyone. you, Darren, afternoon, and good

property tick my million, loss thoughts will through little quarter operating $X end and $XX.X million $X.X the of down second [Ph] a in to ‘XX, I of an income million billion results billion, reported million order which color disposals, YRC $X.XX reported net the more which an a XXXX, included compared and gain Worldwide included net usual, gain of THC. on revenue $X.X disposals. As short operating $X.XX on in property with on XQ a XXXX, and from in of For fairly will

EBITDA, in million down we year, second the reported in ‘XX. this adjusted XQ As quarter $XX.X for the from $XX.X million

was for million, XXXX. from the the last LTM period comparable $XXX.X months the adjusted in down EBITDA $XXX.X Over XX

led increase in decrease in in our by per weight was quarter The second X.X% a per tonnage to per LTL offset was compared this was the comparable shipment. period. For shipments day, of which XX% LTL consolidated year’s a XX.X% down tonnage year, by day decrease last

per was year-over-year, down hundredweight pricing, and revenue X.X%, LTL was surcharge per down revenue As including fuel for hundredweight, excluding X.X%. fuel surcharge LTL

end, per X.X%. fuel And change was quarter, However, I increase indicator excluding shipment given year-over-year that only now last LTL per per weight and down to better right revenue as for in the surcharge revenue shipment, shared have in us is ex-fuel. shipment

side, May and XX.X% improvement tonnage was quarter the showed June April X.X%. about being the was during trends down second down July the with for quarter, was down each month And down X%. preliminarily, LTL tonnage On XX.X%,

investment, business million spent for the back $XX.X As we quarter, capital only on during into expenditures. the

refreshing fully to If is spend with trailers. do, one that should of you’ll you clipping intend can coupon start is, remember, I $XXX that CapEx preserve during brand liquidity. fleet build Tranche the the because to and we come items and new good associated B know tractors to quarter we that utilize news million of all loan the tell your the The and

million touched uses tranche basis be of the of size the in of working is But non-amortizing tranche be XXX remarks. be $XXX of deferred XXX ask, on X%. tell this paid LIBOR his LIBOR and On that for plus and the we XXX or you is health, plus we tranches XX, that basis to And loan B interest now. on rate welfare the other additional mature paid Both balance debt. in sheet The time X%. drawn is with that million which and a four in for the trailers simply tranches and over detail, utilized of of in a of loan Darren the more capital structure XXXX, the to-date, are will A payment, on cash, these capital, and basis before acquisition use yields yield floor million will $XXX points side the of and well just of years you tractors $XXX have accrual and I remaining an tranche. of this from equation, floor September with opening rate pension Of XXX obligation for interest as deferred points as points XXX little to

covenant upon loan covenant and we next we to Act of our the for story And XXXX, of not a quarter extended the million. million existing in back The up covenant CARES XXXX. not until the quarters. also $XXX second the original just have minimum XQ not will XXXX. the $XXX to LTM steps new five to be until original to at term the million is minimum until agreed the the $XXX which EBITDA adjusted securing up Long holiday whereby back $XXX short, ‘XX, do EBITDA LTM it’s we the addition middle adjusted up In LTM million time December amended funding, adjusted EBITDA

required minimum until million increase $XXX did as reach the million to minimum we away. of increased It the amendment. a LTM liquidity However, loan adjusted result goes liquidity in the which $XXX time term covenant at EBITDA

its of on operations extend added XXXX, three think the of to ABL these to to Finally with care all June customers, next out this an co, of an execution the from of to We transformation actions of a January our additional of business, half All our it’s way years current great facility runaway benefit and and I us two of incremental on us enterprise giving maturity amended of refresh highlight. opportunity one us also to and our focus the and significantly runway fleet. has the to facility. taking our important provides allowing financing year,

and availability. Turning to ABL cash

of Our our $XXX million worked well. over the be in total March liquidity and fairly the this you the would enacted increased million the preserving Compare I to agree that $XXX to XXXX end of million, think that at quarter. $XX just to at of $XXX end measures exact. liquidity first And million year

quarter XX-Q in has As a result, been the alleviated. mentioned going first concern the

the few the These the well capital a Fourth, have allows thoughts. One, CARES lose give from level little is loan, in do Now, before at runway and it low back on knows I improve the pension in revenue per position, our as liquidity vein, recovered volumes into X, us term the decade. to X, we heading even shipment months. a opens But, did a say of ex-fuel continued XX the and remained and thereof. of leave drivers and XXX% point. $XXX April’s It as to day the welfare thankful up. have in in many have involved. focus the all slowly one with Act further difficulty what Obviously, X, just always, million and business I same fleet. pricing strengthens and economy fairly $XXX I you amendments theories, stable the with loan a we volume. at closing, but the is deferred the In into of preliminarily keep steadily loan to us quarter to again to May, and where ABL short even with please not Act term can They parting on In Two, shroud Darren. certainty built that new is health, capacity latitude the CARES recruiting in liquidity million, accomplished would the on pundits’ our having and you and additional industry the no is up amendment. the that July. which all the Contrary of transformation month I a Three, real payments, our or YRC as closing agree we stabilized crunch tell highest certainly has over economy thoughts we’re those sight to next basis had accelerate June is are the lifts the increase with over worldwide. investment

time is some the to back for over turn it comments. to execute. closing additional Now, call Darren I’ll

Darren Hawkins

freight rewarding from Thank out CARES Hearing as our employees, and Jamie. Act who acknowledging the our they of shared our Treasury close serve for so employees call the YRCW and customers them. I their you, loan reached we many our closed partnership forward. successfully to partners, with with all we and of commitment me from want July was by with belief filled to move me professionals on Xth. Hearing me as our to gratitude customers as their Company XX,XXX in with and who our customers renewed

placed for questions grateful and And have. the serve to we us, that supply and with essential, America’s beyond. trust will may take domestic indeed we opportunity honor chain the through commitment would We’re you any to now, to YRCW that pandemic provided this glad in be

Operator

first Jack from Atkins question ahead. Our Stephens. Instructions] go [Operator with is Please

Jack Atkins

afternoon. Good guys. Hey,

Darren Hawkins

Hello, Jack.

Jack Atkins

had get started, things to accomplish able say, we lot just on Thanks guys full just were you congratulations my know, I your wanted to question. were the guys you very everything core. considered. and a all well, hands for there really I taking you before in Well, performed of here distractions,

all this congratulations on getting So, done.

Darren Hawkins

Jack. you, Thank

very proud team. our We’re of

Jack Atkins

You should be. you be, should

about just first on let to a you same sure make guess, page everyone me I Treasury question off, funding. is So, U.S. ask the the

there? when $XXX down, Would $XXX draw drawn you million drawn you You’ve of said of you Tranche B, to utilize down of expect I that? this timeline fully Tranche for of $XXX the think the all have A. expect What’s million sort any year? million you to

Jamie Pierson

tranche It’s you particularly -- have we’ve back Jamie. perspective, and my anything yet. tell or not hey. from not From up let well, drown we get term B Jack, me Yes. that, B

disclosed to six $XXX of to million it’s take In XX literally ago, us going of part terms our expectations, the maybe since up probably than better we quarters work. less to four, all for days

well from the time they know do, now. it they be You factory as pay that the the once gin roll easily I put as by order to XX And place, in going it for it. That’s you XX days to up. floor would off,

can. So, roll get take expect with of intentionality much certain But as a once we possibly our we to as a before we as a it’ll while and delivery. be in first we amount quickly pace do,

Jack Atkins

press been -- there’s no fully federal back There that, government I know way the correct? go you. can Tranche about financial that mean, Got sealed, Okay. I it. B that the some is speculation really in is signed, But, on there’s

Jamie Pierson

we exact piece, we we did. oversee have It’s the now days why about, talking to the that all exhaust what XX not rubber when treasury pace exactly are And the we that’s do. We reason committee million. did what and perspective, with to treasury don’t between stamp, to to $XXX what I same that oversight From mean, get see funded fully that did. It’s what formed marching Jack. any ago. need we wouldn’t our if you’re was don’t that’s

Jack Atkins

think think about used Okay. weak got right you want And equipment of as sort fairly I now. Jamie, great. million, utilize then, you’ve to how you $XXX that a That’s market

thoughts it sort around may this of used, for equipment catalyst lightly get thoughts potential some mentioned Any time stuff model be OEMs. funding? newer equipment maybe this into the You that Would take buying to your from that? some some used equipment? What new going more of market, are around a of

Jamie Pierson

about I we LTL comes can. think is equipment of with come even challenge possibly two, Yes. used the even used spec some of we’d stuff like. of lightly specs. going The It that the We’ve would that market technology Jack, what unit. the as an know and we the buy. we’re is, age efficiency. an And we very as used does not doesn’t maintenance that be leaving with safety anti-collision that not want But, we we’re the come But, any that dollars that oxymoron. somewhat identified same with to found and stone protocol very is of one, is in some has stretch judicious fuel greatest unturned. that pockets could avoidance to units same far intentional being fit that, an the latest three we are we our that years going equipment the and OEM environment

be corners we when ourselves to will we are can. looking availing and We every not cut to it of dollar that safety comes

Jack Atkins

know million, little think more the a is some I guess of and that great to far years. you and go to -- probably needing this that to But, will of question about to of answer. close difficult number whole for the now been I a capital when of sort that fill $XXX And Okay. you’ve That’s how hear. a

funding that a that how on You guys been you? in investment, terms for years let much of behind ball close the capital gap gap, have sort catching-up million speak your $XXX so of of to over

Jamie Pierson

we business. many into is months million, which Well, think backbone of have a I’d to that seven opportunity. in invest say a being Never back here like, the this back coming and $XXX this lifetime once years I in that

multiyear heart. us the we can consider as in an short journey, if in for fairly is directions would right in this get be to a I will we do, shot adrenaline as That what the well gap, As the order. pointed

Jack Atkins

sorry. I’m Yes, Okay, yes, ahead. Darren. go

Darren Hawkins

a an to the it the problem, the leasing execution on advantage opportunity with other an fuel that going because of tractor that. but No, as unit low gives gallon the well. miles that without just I the return but uptime headwind pieces, part the take is into us replacing significant. seen to per equipment only leasing of we’ve unit a past, was that in And and there’s interjecting comes risk that not Jack. this without the headwind, network older our very is with a brand comes as big of And new new benefits you’re add

it’s So, return with nice a very opportunity. this

Jack Atkins

makes Okay. It sense.

the you been coming Let But, around the anyone queue. course over are to back if that what’s these be now response Do turn this been committing thoughts U.S. concerns, that the resolved, finalized? this customer there me issues more has even freight customers think question. over to some those of were weeks that would feel Because you ask point. that? last in around have it Treasury I you of the more I news funding liquidity sort one several I’ll now maybe at to mean like else customer or have any got alleviated

Darren Hawkins

care familiar great focus a team YRCW focus that's the entire period always you're a I time my part many been my been has through of customer this of long career. can different the say as taking and Jack, assignments. for as our of being of career with

supported have different the with across freight the value Our negotiations recognize a of of always here. chain. because through us they our customers challenges why professionals American are XX,XXX variety we're customers difficult supported years. North over our the They us, supply And

people in all we overall those hardships opportunity our their I when protect time make with with we Certainly, an also difference. marketplace, bring the to YRCW that support sum customers on XXX,XXX all value choose And hope decisions the during of our the saw but supply continually well. experiencing together, them, attempt they with of was would put our about the some chain, make and across company from unprecedented the to had to we you it the have that over noise times think to the that as to revisit our would strong geographies over So bring good, that were multi-speed serve or market up, companies, because I share based marketplace when share we I the diversity we that customers carriers. that

Operator

question Scott Wolfe Group The go with is ahead. next Research. from Please

Scott Group

there's the can restrictions place terms sorry. may money, they potential wasn't some still really or based clear answer we that clear $XXX in your that and congressional is tap oversight. that really I answer, whatever where to in this ability there nothing with on Jamie, just is on Are wasn't or the a the not say do of I the million? they

Darren Hawkins

oversight process necessarily other that or went contacted with any the our treasury far We Congress closely, beyond CARES went with treasury the part We comments we loan as that's treasury. United Anytime watched administer to process. agencies. of the the submitted government thorough application, But at this by July or States pieces, normal a empowered process the through Xth. into as agreement time on been certainly a Act. diligence groups very haven't

can the on for to where process is of a So make we very we've really comment our disciplined decision. a what facts all present we that treasury with in to diligence been able was thorough business were involved and them

Scott Group

part anything as terms of further towards, any or either -- terms And headcount? progress forward restrictions in on loans, consolidation, rationalizing then you any of the of treasury do plans are guys I headcount? think in a guess, one co. terminal going Where reducing as terminals you And there

Darren Hawkins

the that We with facilities. allow XXX started with and year open then I'll Jamie TJ. Scott, and

XXX. at are We currently

continue said we from have standpoint, for around may land have additional? we each by that of the protect since even But we I geographic publicly planned. our that. give But will overall now. we coverage much Naturally, the provide in pull It'll will any XXXX. always demand and I we facilities, changed of multiple service capacity right anything customers serve. has a facilities one be we down will up so believe as said won't because earlier that Jamie, though markets end As I on, we at area, on XXX

T. J. O'Connor

recalled with The demand we're and employees at is lay-off during the pandemic many hiring locations. from there

is So very the and an outlook from the employment good standpoint strong. is demand certainly

Scott Group

Do thoughts ratio this back third on get And as maybe go then the like any question, to any you'd and then through thoughts last get on longer-term ratio. you Jamie co profitability of quarter operating one we where sort to in operating the process? just see

Jamie Pierson

going economy, perspective, careers company. the the probably to CFO's a this impact in impact of certainly to our any on From the is with what's on time the our difficult then most and our industry the happen forecast virus,

not backbone come guidance as to running full any share powertrain immediate what into fuel give performance. safety in an and with million if and the I to what the business, won't just getting $XXX are to that not will and tractors And maintenance, not efficiency, will warranties So, relative fuel the increased positive the pumping the it's bottom-line. just you trailers improvement will impact just we OR the today be when this with be. it's currently that of it's

an are space. guys of there's in have of into well is products But customer improvement employees oxymoron that the atomic brand an very our as getting issued new the use'', been service. on But morale again ''likely and a less downtime our the one unit in that into also which getting it's aware versus of has late. improvement You also

as is this as can avail diligent basis once-in-a-lifetime on a and an opportunity funds. to that are invest going we immediate fast to run as will ourselves those we So, we and

Scott Group

in the pay the apologize for are really you actually quick accrue the Jamie. one didn't whatever quarter. you Did my operating up those second of health And they costs, welfare still ratio? in more and just showing costs, one other you Any

Jamie Pierson

did. we Yes,

Operator

is Capital Jeff Loop ahead. with Kauffman Instructions] Markets. question go Please next The [Operator from

Jeff Kauffman

go. Again, a rough that was

and question CapEx. So, Scott's I want on to come back to OR

at are to point? the thought Have start tractors So, at we about million. thought tractors, what you level? that about split of buy -- about How can how with of many this you replacing course it. thinking thinking fleet But are trailers? we that percentage I'll And you well, $XXX CapEx, how between

Jamie Pierson

the answer get when will if things, of We go thing. spec, with the So the find breadth units. or depends We they brand those If we'll can the be not, and to so about the trying the that's away in market semblance, minus. questions Jack's to taxes. do fits and It market. first to to, deeper more one, think it on on is OEM It used a depends. primarily units, off we're talked on the their able two the that depth aspect new address buy the tax new going I depends plus of they're units, upward of some also with save you could use $XX,XXX

$XXX long obviously way go will take million. that So across it when you a

terms tale trailer per And oldest after units cost maintenance going Now of actually of fleet, go of the call after the to those and do in tail is the highest trying we're and tractor mile. oldest tail have tractors that of we're fleet. of the fleet both trailers, what Jack the the it and the units composition the

we're going on age fairly we a the would do to of going anything and So, basis. on We will in basis fleet. that and to can we’ll on complexion the We're depend after what use taxes? to of depth the and all the with weighted go wanted an to our market amount equal the happens it not at trailer tractors that equal the money if change but the put that go after go

Jeff Kauffman

existing but idea a Approximately on just on kind what cost good I what I'm per pretty able to much mile it down the maintenance cost? got maintenance out we fleet, trying of new might figure how is equipment, be your to bring runs

Jamie Pierson

buy like basis, won’t tell the per you $X,XXX and it one new ask obviously, that give few daily you've got out for maintenance $X,XXX got you've X, $X,XXX, got in to expense it's a in a $XX,XXX. range, a unit you're XX is that or brakes, brand $X,XXX off powertrain with you I'll unit. go you to X, when might closer goes a rolls to that to on you got then you got X, the Well, maintenance everything I mean, $XX,XXX getting why full to of warranty unit, you've probably mile it antifreeze, And oil, I you to X, number you've into somewhere line year a years, -- X,

So, maintenance to in does on fuel a on maybe efficiency. bit And can XX,XXX expense the get what we and and take big miles unknown not could little we per more consideration coupon I'm the easily clip alone gallon per tractor is occur. in does it going apologize on does an a big know because and us to just cost basis, accident that for nothing don't what safety of advance, a we unknown

Jeff Kauffman

to Let ask hopefully, And series to there down things me XX. the you or OR, be and Darren to year term, you were move to talking take going plan. Scott's going long were and it were when a in get steps of Darren, I'll so from on a that you a were T.J., ago to then you and Back a we question thinking had implementing and the you we here. question about just on and just negotiated new labor do.

sit do can to what the how be, where to the capable in this from separate run, the things are that the that that you still? and want is company even get kind a we the COVID’s and your levers of things big spending long out. today, though Is push out we XX push recession’s of and belief maybe changed it OR As to has capital that's

Darren Hawkins

say runs ABL from enemy the a CARES type I year, the window guidance through and any got Well, labor through go term we the What The show the companies. we've XXXX. the invisible is XXXX, contract through changes certainly for majority out went XXXX. of loan this with traded the runs that will of Act publicly alone

but talking a company, year and last part a big So pieces real process as by was heavy also I asset that's that's the made certainly that gone overall runway of crucial. that is our of about XX,XXX was based was investment been is Part of through, there's in this have a equipment That assisted this of constituents that equipment the the of plan there It's tangible. in company. variety always trajectory company protects equipment. plan what a we've when it

plan execution network And there's eight had is I the And pause never we modern of to very solid, sat at And as down it had how will to equipment as were for time. that and of return this so six this on address when that, to know determined optimization magnitude plan. Certainly, risk. the of we the world to the good and before that. America beginning that's return investment had a weeks never low something Outside we seen going pandemic. a we the seen said team before,

would So how brand. because our from at have we made adjust deep we stayed non-asset goes, that top we us the how lists depending those allows those could to one flexibility and of would to of on brands or optimization economy based quickly and do, of asset-based because to it the pieces, all it recover where the what pivot the become these list, as we just the four network determined valley with

haul also HNRY has event residential intact. for of plays are this So demand parts us created very still HNRY It's all allowed line area to Logistics, plan those The streamline well. our naturally, in where the things operation.

has supply this chain. the put of runway XXXX that be very to company and of a over together solid now and all You the time national between think opportunity I member solid a

Operator

The is Stephens. follow-up Atkins next Jack ahead. a question go Please with from

Jack Atkins

traded for from Jamie, kind but about just follow-up trying terms that? your understand? comments do guess we're perspective. of that about way think just shipment majority Is on about close the you cost in while. of to gaps I a new on that there that's -- shipment? can I what guys combined the per wages. does relative that for here, you transformation publicly little your couple network, ability you're of that are your working doing around Do enterprise to going questions the a this excluding When of now that costs a salaries peers, efforts, this you to, equipment you refresh to feel with your help us rationalize of the think to per benchmarking Any efforts initiatives back what to these the your And broader had cost think and you like And fleet top

Jamie Pierson

I'll say close things does would gap? close gap. it and very question answer for Will it the your We'll completely start ever to directly, No. I us two Jack. the Yes,

it know won't, that everyone knows this call on won’t. it You

one Darren us on are the two We that leasing partners fuel United States we're Jack, What and have a person of relative with us efficiency do alone expense safety. is to that carriers bit for touched don't today. in it one, My facing as the help proud I’m our talked shooting work fine bit relative the all little estimation, it's they side on those left as little right of is to headwind of point this side the of the to and the on thing journey. headwind margin the folks maintenance, aisle But also in one always the sight the through leasing the is experienced earlier in things the the fact lose things; we're it, aisle. probably that basis largest we XXX Darren we our about and a and does going it's dark actually publicly disclose peers that the don't so hard, to a

that math tractor the that think headwind going $XXX we the can able units that So, most close. $XX,XXX forward and many gap on million basis unit leasing this you minimize then you can semblance times, you do that by will give saving we'll to get how to our of do to be on the a best that some per

Darren Hawkins

on reminder labor that got gotten daily job part helps And and a job the But operating classifications the XXXX also contract, of it's as we talked contractual normal customers do while, contract haven't basis. we've around a on the our of labor Jack, flexibility around us that new we've purchase as about have the this a through things now to flexibility something going because just the transportation, in align other way got what need with many discussion. with side our us in classification

Jack Atkins

of all going I'm third just give maybe Jamie, a fuel, But the maybe to expense and in of from side back in healthcare, incrementals through going the feel I unexpected saw different just don't sequentially. of from the decremental maybe make some sequentially? weren't quarter? companies moment would can that guidance. tailwinds from different maybe not us Were OR give get on some there come if think second then, trying to that some to to for help to kind assumptions in you revenue lot maybe can be And whole the discussion our host you the quarter, some puts want we items. and ask trends And of the costs when of costs weren't a quarter transportation and think takes or back that know for a we to Anything around guidance, know cost a second I about

Jamie Pierson

Scott to yes. of had You the And we know, just some experienced. that we terms liquidity come we that those? Jack, that deferrals our The answer the cost I of would question back think relative Did pulling not expense in a second preserving asked folks had we and levers. is a making in lot. furloughed would the And those levers started third be when the

level So, that of be don't think down for. I materiality it's looking things would the would anything be it's around you fringes. the

Jack Atkins

with make all shipment But tonnage, would that would all so and flow sense. that

unusual Okay, for I items. looking was just any

truckload purchase the on that seeing up in move could So around what bit the given where we're last rates in transportation you of than we're question, inflation talk little thoughts maybe market. a about seeing if for of maybe just line, sort given market? just expected, T.J., Any truckload sort potential creeping you faster

T. J. O'Connor

locked-in up the pandemic which contract our is under say purchase under XX% have go the remind and of transactional would stuff we current up to prior expect you trans, to majority is vast I contract. that under dollars of purchase to the that I majority Jack, has transportation the circumstance. I in but new our contract the The slightly, move it

Operator

like turn the closing I our to remarks. over conference back earnings call. This would concludes to any Darren for Hawkins

Darren Hawkins

it Thank any turning questions to you you. And contact you, This us may I'm joining again today. everyone back our concludes operator. Please with that additional to Thanks have. operator, call. for Eric

Operator

is concluded. Thank presentation. today's you conference now for attending The

may disconnect. now You

Yellow (YELLQ) 4 Aug 202020 Q2 Earnings call transcript